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WASHINGTON — Federal Reserve Chairman Ben Bernanke made a fresh pitch Saturday to retain oversight of small banks, contending that what the Fed learns from that role helps it assess the overall health of the entire U.S. financial system.
Bernanke, in a speech to the Independent Community Bankers of America’s meeting in Orlando, Fla., argued against a Senate proposal that would scale back the Fed’s banking duties.
Close connections with community banks give the Fed a better understanding of the nation’s financial risks, including problems in commercial real-estate and small-business lending, according to Bernanke’s prepared remarks.
